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yuqijeffery · 2021年03月12日

请问受tax影响该如何理解?

NO.PZ2016031001000090

问题如下:

The spread component of a specific bond’s yield-to-maturity is least likely impacted by changes in:

选项:

A.

its tax status.

B.

its quality rating.

C.

inflation in its currency of denomination.

解释:

C is correct.

The spread component of a specific bond’s yield-to-maturity is least likely impacted by changes in inflation of its currency of denomination. The effect of changes in macroeconomic factors, such as the expected rate of inflation in the currency of denomination, is seen mostly in changes in the benchmark yield. The spread or risk premium component is impacted by microeconomic factors specific to the bond and bond issuer including tax status and quality rating.

请问受tax影响该如何理解?

1 个答案
已采纳答案

吴昊_品职助教 · 2021年03月12日

嗨,爱思考的PZer你好:


同学你好:

投资不同种类的债券,其税收是不一样的。比如Municipal bond,其收益不收税,或者税率很低;相比较投资benchmark国债,投资municipal bond具有税收优势的,这种优势使得投资者对投资municipal bond的要求回报率降低。所以Spread减少。也可以这么理解:这种优势会吸引更多投资者投资municipal bond,从而拉高了债券价格,使得其YTM降低。从而Spread减少。

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